Samsung SDS has unveiled a platform that connects Ethereum, a leading open blockchain platform, and Hyperledger Fabric, a representative closed (private) blockchain platform.The company introduced the “Deliver” platform, the first of its kind, at Cello Conference 2019, which was an event for logisti
AIA Korea’s mobile wellness management application, AIA Vitality, was recognized for its innovation at the Maekyung Financial Product Awards. Now in its 24th year, the Maekyung Financial Product Awards recognizes original and pioneering financial products developed across all financial sectors inclu
GlobalFoundries (GF) said on March 14 that neither the company itself nor its Fab 7 in Singapore are put up for sale.In a statement, the world’s third largest semiconductor foundry said, “Rumors and speculation about the sale of GlobalFoundries’ Fab 7 in Singapore are false. Fab 7 is not for sale an
SOMESING, a Korean startup that operates the blockchain-based Karaoke App, announced on March 14 that it has signed a strategic partnership with ChaintoB to expand its presence in the Chinese and Indonesian markets.“We have been watching the Chinese and Indonesian markets, where music culture has be
The downsizing of Chinese plants by Hyundai Motor Co. and Kia Motors Corp. has a ripple effect on Hyundai Mobis Co.Hyundai Mobis is said to be closing down its Module Plant 1 in Beijing at the time when Hyundai Motor shuts down its Beijing Plant 1, according to automaker and component industry sourc
As the global electric vehicle (EV) market is growing rapidly, competition is heating up among global EV-related companies to hire Korean EV battery engineers. A few years ago, Chinese companies actively recruited Korean engineers. Now companies from Sweden, Germany and India are offering jobs to th
Hyundai Motor Group is striking back at U.S.-based activist fund Elliott Management Corp. which has been pressuring the Korean automotive group to change its governance structure and shareholder return policy.Market watchers say Hyundai Motor has a greater chance of winning a proxy contest with Elli
S&P Global Platts reported on March 12 that Canada was the largest importer of U.S. crude oil last year and it was followed by South Korea.Specifically, South Korea’s average daily U.S. crude oil imports were 236,000 barrels last year. Canada’s and China’s figures were 378,000 and 228,000 during the
Korean shipbuilders swept 90 percent of the new vessel construction orders awarded in February. Amid an upward trend in vessel prices, the average price of LNG tankers jumped by US$1 million per vessel in February, benefiting Korean shipbuilders.Korea received orders amounting to 630,000 CGTs (eight
LG Chem will receive a grant from the U.S. Bill Gates Foundation for vaccine development. LG Chem said on March 11 that it will receive US$33.4 million (37 billion won) from the Bill & Melinda Gates Foundation for the development of a six-in-one vaccine. This is the second time the company has recei
The level of income polarization and economic inequality in South Korea is among the worst in the world. The middle class has crumbled over the last 20 years since the 1997-98 Asian Financial Crisis, known in South Korea as the “IMF Crisis,” and there has been a growing gap between the haves and the
The proportion of foreigners’ portfolio investment assets, such as stocks and bonds, in South Korea’s external debts is high, the Bank of Korea says, warning that an external impact could increase instability in the foreign exchange and stock markets.The ratio of portfolio debts to South Korea’s ext
Starting with the Galaxy S10 released this year, Samsung Electronics Co. has begun to introduce its own blockchain wallet in the Galaxy series. Samsung’s move is fueling expectations that cryptocurrency payment and remittance services will be popularized. Moreover, the popularization of services lik
Daewoong Pharmaceutical disclosed on March 8 that its research and development (R&D) on treatment of idiopathic pulmonary fibrosis using the first-in-class Prolyl-tRNASynthetase (PRS) inhibitor DWN12088 has been selected for the government’s new drug development project.Accordingly, the company will
The labor and management of Renault Samsung Motors failed to reach a collective bargaining agreement until March 8, a deadline set by the company’s parent, Renault Group of France. Therefore, Renault Samsung Motors is highly likely to be excluded from the group's distribution of global productio
South Korean private equity firm IMM Private Equity is planning to sell its Taihan Electric Wire shares. It bought 67.1 percent of the electric wire manufacturers’ shares in 2015. The possibility that the shares could be bought by Chinese capital is rising along with concerns over technology leakage
Blockchain incubators are becoming increasingly interested in game companies. With games based on blockchain platforms such as Ethereum and EOS appearing one after another, South Korean game companies are focusing on blockchain technology and working on related games as well.For example, Hashed, one
Hyundai Heavy Industries Co., the world’s largest shipyard by sales, is set to sign an official deal with Korea Development Bank (KDB) on March 8 to take over Daewoo Shipbuilding & Marine Engineering Co. (DSME). However, Hyundai Heavy will still have a lot of problems to solve in order to completely
Speculation is rife that Samsung Electronics Co. will seek to acquire a global semiconductor firm to strengthen its competitiveness in the non-memory sector. The company has enough capital to finance such an acquisition. Vice chairman Lee Jae-yong said in January, “We will show what we have really g
The Seoul Economic Daily reported on March 7 that Korea Development Bank (KDB) and General Motors (GM) reached a secret agreement earlier so that the public funds invested in GM Korea can be recouped even if the company goes under. This means KDB and GM put recoupment of investment before the normal